The company is also planning more international growth and recently signed an agreement to enter Russia, where executives are planning 15 units over the next five years. Additionally, this summer the retailer will open its first flagship store in Hong Kong, where the company currently has 13 locations.
In Japan, Coach's second-largest market with 147 units, the retailer has 10 new stores planned for the second half of the year. During the first half, the company closed one store while it opened one and expanded four.
During its second quarter, which ended Dec. 29, same-store sales at its retail stores fell 1%, while factory stores posted a 17.7% gain. In Japan, comparable-location sales rose in the mid-single digits, management said.
Coach's net sales came in at $978 million, a 21% increase from the same year-ago period, while net income shot up 18%, hitting $252 million. Management forecasts a 20% sales gain for the entire year and a 22% earnings jump.
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